Security· ★★★★· bearish·

Initia exploit drains $2.7M after MoveVM bug enables unauthorized minting

  • —Roughly 105 WETH, 1.4 million AUSD0 and 1.08 million USDC were bridged out
  • —Funds were converted into 1,135.52 ETH and sent to an Ethereum address
  • —Native INIT supply was not affected by the exploit
  • —Layer 1 and rollups were halted on October 23 at 15:41 UTC
Why it matters: A virtual-machine-level flaw hit the whole network rather than a single app, underscoring bridge and execution-layer risks.
#ETH#USDC
Source: Crypto Daily
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